Market Reports

Daily Market Report (18 January 2023)
Daily Market Report (18 January 2023)
  • Wall Street closed lower as the banks came in with a mixed bag of results.
  • The DJI Average lost 392 points while the Nasdaq fared slightly better adding 16 points as the US 10-year yield inched higher to 3.55%.
  • Meanwhile, a reported slower economic growth in China last quarter gave investors excuse to profit take thus the HSI dipped 170 points.
  • As for the local bourse, late buying activities on Telcos and Utilities stocks saw the FBM KLCI higher to within a touching distance of the 1,500 mark.
  • We reckon the index may break the 1,500 level today, as buying shifts to the banks following a lacklustre performance over the past few days.
  • Meanwhile, growing demand from China helped pushed crude oil prices higher with the Brent crude hovering close to the US$87/barrel.
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Daily Market Report (17 January 2023)
Daily Market Report (17 January 2023)
  • Wall Street was closed for Martin Luther King’s holiday on Monday.
  • Nonetheless, Hong Kong equities maintained its upward trajectory following China’s central bank’s injection of liquidity into the system amounting to US$116bn.
  • As a result, the HSI erased earlier losses to close flat at almost 21,750 which is a 6-month high pushing YTD gain to almost 10%.
  • Back home, late buying activities again helped pushed the FBM KLCI to end on a flat note.
  • As suspected, we see the 1,500 level as a stubborn psychological level to break.
  • For today, we reckon trading to remain lacklustre in the absence of fresh catalysts thus expect the index to trend between the 1,490-1,500 range today with interests to focus on Plantation and Utilities which experienced some sell-down yesterday.
  • Meanwhile, profit taking activities saw crude oil prices lower with the Brent crude easing to the US$84/barrel.
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Daily Market Report (16 January 2023)
Daily Market Report (16 January 2023)
  • Wall Street ended in positive territory after a weak opening due to slow earnings from the banks as traders began to bet that inflation will ease this year.
  • The DJI Average gained 113 points with the Nasdaq jumped by 78 points as the US 10-year yield inched higher to almost the 3.5% mark.
  • Meanwhile over in Hong Kong, the HSI continued with its uptrend on easing concerns over rate hikes in the US.
  • The index closed 224 points higher buoyed by solid gains from Alibaba, Tencent, HSBC and BYD to name a few.
  • On the home front, the FBM KLCI ended on a day high from last minute buying activities.
  • We reckon broad base accumulation to persist especially on Finance and Energy stocks hence expect the index to hover within the 1,490-1,500 range today.
  • Oil & Gas counters should be well supported by the emergence of Chinese tourists that saw the Brent crude price surpassing the US$85/barrel mark. 
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Daily Market Report (13 January 2023)
Daily Market Report (13 January 2023)
  • Wall Street closed on a positive note as the US CPI figure for December came in within expectations and that the Federal Reserves may scale back interest rate hikes.
  • The DJI Average gained 217 points while the Nasdaq jumped by almost 70 points as the US 10-year yield eased further to around 3.44%.
  • As for Hong Kong, the HSI added 78 points to above the 21,500 mark pushing YTD gain at almost 8.8%.
  • Yesterday’s gain can be attributed mainly to the surge in BYD’s shares that was boosted by its entry into India’s EV space.
  • Back home, the FBM KLCI was flat due to the lack of clear buying catalysts.
  • Nonetheless, we reckon buyer should return today on the back of the cooling US inflation which should see the Ringgit strengthening against the USD.
  • The Ringgit currently hovers at MYR4.36/USD which is a 6-month high.
  • As such, we expect importers within the Consumer Product and Energy stocks should continue to trend higher as the Brent crude continues to rise on the back of weaker USD.
  • Brent crude closed at almost USD 83.90/barrel.
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Daily Market Report (12 January 2023)
Daily Market Report (12 January 2023)
  • Wall Street continued to climb as traders are becoming more confident that inflation in the US is cooling down and that previous rate hikes by the Federal Reserves has been effective.
  • The DJI Average rose by almost 270 points while the Nasdaq was up by 190 points as the US 10-year yield eased to 3.54%.
  • Over in Hong Kong, the HSI resumed its uptrend and was up 105 points to close at a 6-month high on optimism of China’s economic recovery and that previous crackdown on tech giants is coming to an end.
  • Back home, the FBM KLCI inched higher on mild bargain hunting activities but failed to break the 1,490 mark.
  • We reckon selective stock accumulation to persists today with interests to focus on Energy stocks buoyed by the rebound in crude oil prices.
  • The Brent crude surged to almost US$83/barrel on the reopening of China coupled with the impending Lunar New Year travelling.
  • Therefore, we reckon the index to trend between the 1,485-1,495 range today.
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